Being a landlord is hard work. It requires balancing between keeping the cash flow strong and maintaining the property in good condition. It can also be a balancing act when it comes to tenant complaints. Landlords need to learn how to diplomatically handle issues while still drawing the line when it comes to unreasonable demands. Tenant maintenance calls can be a challenge as well, especially when they are time-sensitive and accompanied by a sense of urgency. Landlords need to be prepared to respond in a timely manner to keep the tenants happy and prevent turnover.
Many rental property owners enlist the help of a management company to assist with their investment properties. These professionals are experts at marketing the investment property, screening and selecting tenants, and ensuring that all legal requirements for landlords and tenants are met. They can also assist with day-to-day management of the property.
Some rental property owners choose to manage their investments themselves. This is a great option for those who live close to their property or feel comfortable managing certain aspects of the rental, but may want to outsource other areas where they are not as experienced.
InvestFourMore recommends hiring a reputable, licensed management company to handle the most important steps in rental property management. These include preparing the property for rent, performing legal tenant screening using TransUnion SmartMove, and creating a lease agreement. The company should also be familiar with the most current federal and state landlord-tenant laws, including fair housing, and understand how to conduct inspections that comply with state and local laws. rental property management